Non-maintenance of Minimum Average Monthly Balance:

Most private banks have steeply increased the he charges on non-maintenance of minimum average Monthly balance amount from April 1, 2015. Below are some of the changes:

ICICI Bank:

ICICI bank has increased the penalty from Rs 250 to Rs 350 in case the monthly average balance amount is between Rs 5000 to Rs 10,000 for metro and urban customers.

In case this amount is below Rs 5,000 you would be charged Rs 450 up from Rs 350 charged earlier.

Also for semi urban areas this charge has been increased by Rs 50.

In addition to this, ICICI Bank would charge Rs 5 per thousand (minimum Rs 150) for cash deposited at its branches which in a different city than the account of account holder. Until now one cash transaction was free every calendar month. Thankfully first cash deposit through machine would be free.

Axis Bank:

Kotak Mahindra Bank:

Kotak Mahindra bank has also hiked its charges for non-maintenance of minimum average Monthly balance from Rs 250 – 400 to Rs 300 – 500 depending on the type of account and balance.

New Rules:

RBI (Reserve bank of India) in November 2014 had asked banks to inform customers about non maintenance of minimum average Monthly balance amount and their charges. So banks would now send SMS, email or letter to inform about the same amount and give a grace period for 30 days to meet the balance requirement. In case you still do not deposit required amount bank would levy their charges for both ‘default month’ and ‘notice month’.

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